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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.

This Week’s Edition of KBR:

February Poll

The RRSP deadline for the 2023 tax year is February 29. From a wealth planning perspective, do you think middle aged Canadians should invest in a TFSA instead?
Yes: 78 votes
No: 45 votes

Cast Your Vote

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Now is the time to leap into new educational options with selected certificate courses for only $495 – today only! Your choice: Bookkeeping in a Digital World or Understanding Business Valuation. Learn more about the curriculum of these engaging programs as you start or continue your pathway to DMA™ Designation. Use code: 24LEAP. Cannot be combined with any other tuition offer. All taxes extra.

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Hurry! File T1s by March 15 to Get New Canada Carbon Rebate (CCR)

The carbon tax is increasing again on April 1 and for some, so is the federal rebating system to offset it. Taxpayers and their spouses must file their T1 returns electronically by March 15 to get the new Canada Carbon Rebate (CCR) by the first payment date on April 15.  Otherwise, they will have to wait until the next payment date in July.  Confused?  You are not alone; there have been lots of changes.  Here’s what you need to know about this rebranded carbon tax rebate and the new amounts payable for 2024-2025.

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How Much is the New Canada Carbon Rebate?

There’s lots to know about the new CCR – Canada Carbon Rebate.  The first payment for 2024-25 under this new label has been increased in some provinces but decreased in others.  The former Climate Action Incentive Payment (CAIP) is paid quarterly, and the new CCR will be too; but did you know that to receive the first payment on April 15, 2024 tax returns for both spouses must be filed by March 15? Here are the new amounts for April 2024 to January 2025 and some tax tips to observe too.

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Tax Filing Trivia for the Start of Tax Season 2024

February 19 is the first day CRA accepted 2023 tax returns to begin the 2024 tax filing season.   How much will the average tax refund be?  How must will the average taxes payable be?  How many tax returns will be filed?  How many will be nil returns?  A review of those final filing stats for 2022 can help to anticipate what the 2024 tax season will look like.  Here is some tax filing trivia to kick off tax season 2024. 

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CCR: A Deeper Tax Dive

There are lots of tax details around the carbon taxes paid by Canadians and their carbon tax rebates, which now will have a third name since 2018.  The Canada Carbon Rebate (CCR) will help offset the increased costs of fuel at the pumps but, heating costs have also increased due to the new carbon tax, on which the GST/HST is also charged – a tax on tax.  Residency is also required to access the CCR, which means new forms for newcomers.  Check it out:  

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